Published on February 24, 2014 by Philip Poole  
University Park Place

Samford University has completed purchase of an office building at 600 University Park Place. The building is across Lakeshore Drive from the university's main campus and adjacent to the Samford Track and Soccer Stadium complex.

The purchase, which was approved by the university's board of trustees in January, was finalized Feb. 21. The property will continue to be managed by Daniel Realty Service LLC of Birmingham.

The 5-story building has 122,654 square feet and sits on approximately 12 acres.

University officials said the purchase continues Samford's long-standing policy of investing resources in long-term, quality investments. The university's endowment was valued at $268 million at the end of 2013, and real estate investments are part of the endowment portfolio.

"This is one of the premier Class A office buildings in the area, and its proximity to the Samford's campus makes it a wise long-term investment," said Harry B. Brock III, Samford's vice president for business and financial affairs. "The investment is consistent with the university's overall strategy of investing university funds in a manner that will generate stable income and growth over time and can fit well into the university's endowment."

Brock said the university does not anticipate any changes in the commercial office nature of the building, which is 100 percent occupied. All current leases are being honored. Among the building's current tenants are Daxko, o2 Ideas, Bond and Botes PC, and Alabama Banker's Bank.

"We hope to continue the long, positive relationships with current tenants that Daniel has maintained," Brock said. "Many of those tenants also have long-standing relationships with Samford, and we value them as friends and neighbors."

Samford is a leading Christian university offering undergraduate programs grounded in the liberal arts with an array of nationally recognized graduate and professional schools. Founded in 1841, Samford is the 87th-oldest institution of higher learning in the United States. The Wall Street Journal ranks Samford 1st nationally for student engagement and U.S. News & World Report ranks Samford 37th in the nation for best undergraduate teaching and 97th nationally for best value. Samford enrolls 5,758 students from 48 states and 22 countries in its 10 academic schools: arts, arts and sciences, business, divinity, education, health professions, law, nursing, pharmacy and public health. Samford fields 17 athletic teams that compete in the tradition-rich Southern Conference, and ranks 3rd nationally for its Graduation Success Rate among all NCAA Division I schools.